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Pricing Your Home the Process
Published August 2nd, 2011
Pricing your Home – the Process
Pricing your home in a today’s downward trending market is so difficult. You and your Shear Realtor must work together to determine a price that will attract a buyer but also protect your investment.
The first step in the pricing process is to interview several listing agents and select an agent that is not only an experienced professional but knowledgeable about your particular neighborhood or area. Once you are comfortable with the Realtor you have selected you will meet to determine a pricing strategy for the sale of your property.
Your Realtor will bring you information about the current listings and sales for your area. By comparing the age, size, condition and features of your home with these listings and sales you can determine a price range for listing your home. If you are not in a hurry to sell you may wish to “try” a listing price that is nearer the top of that range. If you have already accepted a job transfer you may need to list closer to the most recent closed sales.
The market value will ultimately be determined by what a buyer is willing to pay for your home. The selling price must then be confirmed and approved by the lender. The lender will send a licensed, independent appraiser who will do a very detailed comparison of the subject property and comparable sales and listings and determine a single value.
The most important parts of this pricing strategy that is often overlooked by sellers and agents alike is to Review and Adjust your listing price every 15 days! You need to react and respond to the market. A quick and sure way to tell how your home is competing in the market place is to tally the number of Agents that are previewing or bringing buyers to view your home. If you have had no showings in the first 15 days of your listing this is a red flag. Adjust immediately.
As you reach the listing price that is attracting showings you will now watch for offers. If you have showings but no offers your price is probably still too high. Adjust immediately.
By working closely with your agent to monitor the activity of your home and reflect the market response in your pricing strategy you will achieve success.
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